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Windsor Brokers - Short Term Technical Analysis for Majors (14:30 GMT)

Discussion in 'Major Currency Pairs' started by WindsorBrokers, Mar 10, 2011.

  1. WindsorBrokers

    WindsorBrokers Content Contributor

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    EUR/USD

    Near-term outlook remains negative after leaving a lower top at 1.3940 and extending losses to 1.38, 38.2% Fibonacci level, with subsequent bounce being short-lived. Renewed weakness dented 1.38 support, break of which will eye 1.3742/10 next, while upside stays limited by 1.3854/70, yesterday’s low / 20 day MA.

    Res: 1.3854, 1.3870, 1.3923, 1.3940
    Sup: 1.3794, 1.3742, 1.3731, 1.3710

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    GBP/USD

    Extends weakness from 1.6240, yesterday’s lower high, losing 1.6134/24 support zone, as well as 1.61 handle. This confirms near-term top, with immediate focus at 1.6030/1.5957, 25/14 Feb lows. Oversold hourly studies suggest correction, with 1.6124 offering initial resistance, ahead of 1.6195.

    Res: 1.6124, 1.6175, 1.6195, 1.6212
    Sup: 1.6063, 1.6030, 1.6000, 1.5957

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    USD/JPY

    Remains in a near-term uptrend from 81.94, 07 Mar low, with the latest push higher from 82.57 higher, eventually breaking above 83.05 barrier. Sustained gains above here will turn focus to 83.52/86, above which to eye key barriers at 83.37/49, 200 day MA and 15 Dec 2010 range ceiling. Immediate support lies at 82.57/53, yesterday’s low / 20 day MA.

    Res: 83.16, 83.23, 83.52, 83.96
    Sup: 82.71, 82.55, 82.45, 82.20

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    USD/CHF

    Temporary support was found at 0.9267 yesterday, after gains through 0.9327, previous high, stalled at 0.9367. Fresh gains are now approaching 0.9367 barrier, with break here to resume recovery from 0.9200 record low, and open 0.9390/0.9417. However, failure to clear 0.9367 would risk return to 0.9267.

    Res: 0.9367, 0.9390, 0.9417, 0.9454
    Sup: 0.9309, 0.9279, 0.9267, 0.9234

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